Ag Market Commentary

Corn futures are 3 to 4 cents higher at midday. This morning’s FAS Export Sales report indicated that 1.007 MMT of 18/19 corn was sold for export in the week of 10/4, edging into the range of estimate. That was down 29.65% wk/wk and 36.25% lower than the same week in 2017. Mexico was the lead buyer of 354,600 MT, with sales to Japan tallying 281,700 MT and reductions of 267,100 MT to Unknown. Thursday’s monthly USDA report showed a few changes to the 18/19 balance sheet with feed and residual down 25 mbu and exports up 75 mbu to a record 2.475 bbu if realized. USDA calculated the final 17/18 cash average price at $3.36. They left the midpoint for this year UNCH at $3.50. The US stock market is under fresh sell pressure at mid-morning.

--provided by Brugler Marketing & Management, Call (402) 289-2330

DEC 18 Corn is at $3.73 1/2, up 4 1/4 cents,

MAR 19 Corn is at $3.85 1/2, up 4 1/4 cents,

MAY 19 Corn is at $3.92 1/4, up 3 3/4 cents

JUL 19 Corn is at $3.97 1/4, up 3 1/4 cents



Soybean futures are up 8 cents per bushel today as money flees the stock market. Nearby soy meal is down 30 cents/ton, with soy oil UNCH. US Soybean export sales in the week of 10/4 fell well short of expectations at 439,651 MT. That was just 30.5% of last week’s total and down 75% from the same week last year. Net reductions of 187,899 MT were reported for China. Soy meal sales for 18/19 were tallied at 348,232 MT for that week that marked the start of the new MY, with a total of 664,996 MT carried over from 17/18. Soy Oil Sales totaled 11,439 MT for the new MY, with 65,029 MT carried over. Thursday’s WASDE showed USDA’s cash average price for soybeans at $9.33. The 18/19 balance sheet showed no major changes outside of production and carryover from 17/18.

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.

NOV 18 Soybeans are at $8.67, up 8 3/4 cents,

JAN 19 Soybeans are at $8.81, up 8 1/2 cents,

MAR 19 Soybeans are at $8.93 3/4, up 8 3/4 cents,

MAY 19 Soybeans are at $9.07 1/4, up 8 3/4 cents,

OCT 18 Soybean Meal is at $312.50, down $0.30,

OCT 18 Soybean Oil is at $28.73, unch,



Wheat futures are trading 4 to 11 cents higher today, led by KC HRW. Friday’s USDA Export Sales report indicated that 18/19 sales for the week of 10/4 were tallied at 339,022 MT. That was within trade estimates and nearly double this week last year but still down 22.1% wk/wk. Along with raising the 2018/19 production total on Thursday, USDA trimmed feed and residual by 10 mbu and left exports UNCH at 1.025 bbu. Export commitments for wheat are now just 42% of that full year projection vs the 61% average for this date. The global stocks/use ratio is tightening, so USDA analysts are sticking to their guns on exports.

DEC 18 CBOT Wheat is at $5.18 3/4, up 10 3/4 cents,

DEC 18 KCBT Wheat is at $5.24 1/2, up 10 3/4 cents,

DEC 18 MGEX Wheat is at $5.96 3/4, up 7 1/4 cents



Live cattle futures are 17 to 52 cents lower approaching the noon hour. Feeder cattle futures are down $1.45 to $2.05 on rising feed costs. The CME feeder cattle index was down a penny on October 10 at $158.37. Wholesale boxed beef values were higher this morning. Choice boxes were up 38 cents to $202.89/cwt, while Select boxes were 69 cents higher at $193.18. USDA estimated weekly FI cattle slaughter at 468,000 head through Thursday. That was down 10,000 head from last week and 3,000 from the same week in 2017. A few cash cattle sales were reported on Thursday, mostly around $111 and $173-174 in the north. No activity has been reported this morning. Beef export sales in the week of 10/4 totaled 13,305 MT, up 2.3% from the same week last year. Exports in that week totaled a MY high 21,265 MT.

--provided by Brugler Marketing & Management, Call (402) 289-2330

OCT 18 Cattle are at $112.450, down $0.175,

DEC 18 Cattle are at $116.250, down $0.525,

FEB 19 Cattle are at $120.775, down $0.475,

OCT 18 Feeder Cattle are at $154.775, down $1.950

NOV 18 Feeder Cattle are at $154.700, down $2.050

JAN 19 Feeder Cattle are at $150.050, down $1.450



Lean hog futures are trading $.10 to $1.17 higher. The CME Lean Hog Index was down 6 on October 10 @ $69.28. The USDA pork carcass cutout value was $2.03 higher on Friday morning at $80.64. The national base hog carcass value was not reported by USDA due to confidentiality issues. Local cash hog auctions were steady with yesterday. Week to date FI hog slaughter was estimated at 1.862 million head through Thursday. That is up 1,000 head from last week and 17,000 head above the same week last year. Export sales of pork in the week that ended 10/4 totaled 16,708 MT, 5.3% above the same time in 2017. Shipments were the largest since May at 24,813 MT.

DEC 18 Hogs are at $55.600, up $1.175,

FEB 18 Hogs are at $62.825, up $0.400

APR 19 Hogs are at $68.700, down $0.100

--Call Brugler Marketing & Management @ (402) 289-2330 with questions or news tips.



Cotton futures are showing triple digit gains today. Friday’s edition of the Export Sales report listed 97,997 RB in 18/19 upland cotton sales during the week of 10/4. That was well above the week prior but down 36.54% from the same time last year. Vietnam purchased 70,000 RB, with 73,967 RB reported in net reduction for China. Sales for 19/20 were tallied at 142,912 RB, with 136,400 RB sold to China. The 18/19 Balance sheet saw a 300,000 bale reduction to exports, now at 15.5 million bales. The average farm price projected by the USDA was at 69-77 cents and the midpoint down 2 cents to 73. The Cotton Ginnings report showed that 1.287 million bales had been ginned as of 10/1, 3% larger than the same time last year. The Cotlook A index down 20 points from the previous day at 86.15 cents/lb on October 11. The USDA weekly AWP was updated to 67.73 cents/lb.

--provided by Brugler Marketing & Management (402) 289-2330

DEC 18 Cotton is at 78.5, up 169 points,

MAR 18 Cotton is at 79.66, up 149 points

MAY 19 Cotton is at 80.44, up 141 points

JUL 19 Cotton is at 80.99, up 133 points






Market Commentary provided by:

Brugler Marketing & Management LLC
1908 N. 203rd St.Omaha, NE 68022
Phone: 402-697-3623
Fax: 402-289-2353
E-mail: alanb@bruglermktg.com
Web: http://bruglermarketing.com

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